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Expect PNB Housing Finance stake sale to be completed in FY20, says Sunil Mehta

Updated : May 28, 2019 04:25 PM IST

PNB Housing Finance stake sale is expected to be completed in financial year 2020, said Sunil Mehta, managing director and CEO of PNB. He added that the stake sale plans did not work so far as per their assumptions.

PNB on Tuesday said it has narrowed its losses to Rs 4,750 crore in the last quarter of the fiscal ended March 2019. The scam-hit lender had posted a staggering loss of Rs 13,417 crore during the corresponding January-March period of 2017-18.

Elaborating on the fourth-quarter numbers, Mehta said, “For the last full year, the slippages were to the tune of Rs 40,000 crore and this time we have contained it to half of last year, so our overall recovery during this financial year is more than the fresh slippages this year.”

“We have created a robust system to monitor our assets, which is reflected in the reduction of our slippages number during last year and the process is still on. We are going to improve our system and processes," he added.

With regards to loan growth, he said, “If you see the overall fundamental growth of the bank, it is better than the industry. Domestic credit growth is to the tune of 14 percent, retail credit growth is 21 percent and even housing loan portfolio has grown more than 25 percent. The deposit portfolio has grown by 9 percent... so even if you see growth number on the domestic basis, we are better than the industry.” However, international credit growth has degrown, Mehta added.
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